Solana Surges Above $130, Enters Overbought Territory! 🚀

Solana (SOL) Price Analysis: Bulls Regain Momentum Above 21-day SMA

The price of Solana (SOL) has regained its positive momentum and has risen above the 21-day SMA to resume its uptrend.

Long-term Forecast for Solana Price: Bearish

The altcoin was previously trapped between the moving average lines, with the bulls defending the slide above the 50-day SMA. Solana has been in a sideways trend since December 25, 2023, after the uptrend ended at $126. The bulls broke the sideways trend and overcame the resistance at $126. Bullish momentum has reached a high of $137.

The altcoin is again testing the $138 level.
If the current resistance is broken, the altcoin will reach its previous high of $157.
If buyers fail to break through the current high, the altcoin will be forced to trade sideways.
If bears break the current support level at $126, the altcoin will fall.

Analysis of Solana Price Indicator

The price bars are higher than the moving average lines, which are sloping horizontally despite the uptrend. The price movement has been halted by the presence of doji candlesticks. The altcoin is also in the overbought zone of the market.

Technical Indicators

Key supply zones: $100, $120, $140
Key demand zones: $80, $60, $40

What is the Next Development for Solana?

On the 4-hour chart, Solana is forced to trade sideways below the $138 level. The altcoin has been trading between $126 and $138. Solana will resume its uptrend once the $138 resistance is broken. However, the altcoin’s uptrend is uncertain as it enters the overbought territory.

Hot Take: Solana’s Positive Momentum Continues

The price of Solana (SOL) has shown positive momentum as it rises above the 21-day SMA. Despite a previous sideways trend, the altcoin has broken through resistance levels and reached a high of $137. The current resistance at $138 will determine whether the altcoin will reach its previous high of $157 or trade sideways. On the downside, if bears break the support level at $126, the altcoin may experience a fall in price.